In 2014, 440 units are forecast to be absorbed, up from the 120 units absorbed in 2013. Leasing activity should increase again in 2014 with the absorption of 520 units.
Deliveries are skyrocketing as 980 apartments are scheduled to come online during the next 12 months, a four-fold surge in deliveries from 2013. Deliveries will ease in 2015 as 450 units are completed.
Multifamily permit submissions are expected to increase 60.3 percent with 590 units over the upcoming four quarters. Following two years of increased permitting activity, developers should pull back requests to 270 units in 2015.
Read more...Corpus Christi apartment forecast 2014: Hendricks-Berkadia via Real Estate Center at Texas A&M